Slide 1: Q4 / FY 2025 Earnings Presentation
Q4 / FY 2025 Earnings Presentation February 25, 2026
Slide 2: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance. Management and our board of directors
Slide 3: The Global Financial System is Colliding with the Internet
The Global Financial System is Colliding with the Internet Q4 / FY 2025 EARNINGS PRESENTATION FEBRUARY 2026 3
Slide 4: From Information to Value | The Internet's Platform Shifts
From Information to Value | The Internet’s Platform Shifts AI The information era The value era Agents transact at software speed Stablecoins Internet native money layer Blockchain Value becomes internet native Mobile Cloud Always on, Software real time Internet scales access Information globally go
Slide 5: Key Highlights
Key Highlights Q4’25 Network Growth Q4’25 Financial Results Platform Ongoing Adoption $75.3B $770M Arc Total Revenue & Reserve Testnet launched in Oct; Income Mainnet launch this year 1 +77% YoY Circle Payments Network + 72% YoY Volume growth and $167M participant expansion Adj. EBITDA2 StableFX & x
Slide 6: Stablecoin Network Growth & Adoption Update
Stablecoin Network Growth & Adoption Update Q4 / FY 2025 EARNINGS PRESENTATION FEBRUARY 2026 6
Slide 7: Stablecoin market grew strongly; USDC gaining transaction share
Stablecoin market grew strongly; USDC gaining transaction share STABLECOINS IN CIRCULATION ($B)1 STABLECOIN TRANSACTION VOLUMES ($T)2 46% YoY 96% YoY USDC USDT Other USDC USDT Other 1 Source: CoinMarketCap as of December 31, 2025. Stablecoins include USDC, USDT, TUSD, PYUSD, RLUSD, USDG, FDUSD, AUSD
Slide 8: Circle's network grew strongly
Circle’s network grew strongly USDC ONCHAIN TRANSACTION VOLUME ($T) CCTP VOLUME ($B) 3.5x YoY 3.7x YoY Source: Company data. Q4 / FY 2025 EARNINGS PRESENTATION FEBRUARY 2026 8
Slide 9: Circle has durable network effects that cannot be easily replicated
Circle has durable network effects that cannot be easily replicated Trust Liquidity Distribution Product Platform Neutrality Audited $75.3B $11.9T Apps Market Neutral USDC Circulation1 USDC Q4’25 onchain Infrastructure Compliant (+72% YoY) transaction volume that leading companies (+247% YoY) Digita
Slide 10: Circle Platform
Circle Platform Q4 / FY 2025 EARNINGS PRESENTATION FEBRUARY 2026 10
Slide 11: Circle Platform | Comprehensive infrastructure for onchain finance
Circle Platform | Comprehensive infrastructure for onchain finance Apps Payments FX Circle Payments Network (CPN) StableFX Power real-time global money movement Access 24/7 onchain FX Digital Assets & Stablecoins Tokenized Funds Liquidity Services Services Mint The leading regulated digital dollar A
Slide 12: Arc & Developer Infrastructure
Arc & Developer Infrastructure CCTP USDC TRANSFER VOLUME4 CCTP TRANSACTIONS3 (M) & BRIDGED VOLUME5 SHARE Testnet launched with 100+ 3.3x YoY companies in banking, capital markets, digital assets, technology, and payments Near 100% uptime maintained1 Average 0.50 second finality1 166M+ total transact
Slide 13: Strong growth in Circle's other digital assets
Strong growth in Circle’s other digital assets EURC IN CIRCULATION (EOP, €M) USYC ASSETS (EOP, $B)1 3.8x YoY Circle Circle acquires relaunches Hashnote/USYC USYC 1 Information about USYC is directed only to individuals and entities who are not US Persons, as defined in Regulation S under the Securiti
Slide 14: Apps
Apps CIRCLE PAYMENTS NETWORK (CPN) STABLE FX CPN connects banks, PSPs, VASPs, and enterprises to StableFX will combine institutional-grade execution with onchain enable consumer, business, and institutional payment settlement to simplify global currency conversion use cases via stablecoins Live flow
Slide 15: AI & Circle
AI & Circle Product & Market Activity AI Inside Circle AI and Agentic Payments are becoming important drivers for AI is becoming a foundational infrastructure for Circle Circle’s platform and USDC adoption operations across all functions KEY INITIATIVES KEY WINS Agentic Engagement: Ran an agent-only
Slide 16: Financial Review
Financial Review Q4 / FY 2025 EARNINGS PRESENTATION FEBRUARY 2026 16
Slide 17: USDC circulation growth and increasing Circle on-platform share
USDC circulation growth and increasing Circle on-platform share USDC IN CIRCULATION USDC IN CIRCULATION MIX RESERVE RETURN RATE (EOP, $B)1 BY PLATFORM (EOP, %) (%) 72% YoY Source: Company data. 1 The total amount of USDC minted and outstanding (excluding tokens allowed but not issued and access deni
Slide 18: Revenue growth and resilient RLDC margin
Revenue growth and resilient RLDC margin TOTAL DISTRIBUTION, TOTAL REVENUE & TRANSACTION & OTHER RLDC MARGIN (%)2 RESERVE INCOME ($M) COSTS ($M)1 77% YoY 52% YoY Source: Company data. 1 Q4’24 included the previously disclosed one-time fee to a distribution partner of $60 million in November 2024. 2
Slide 19: Strong other revenue growth, benefiting RLDC margin
Strong other revenue growth, benefiting RLDC margin OTHER REVENUE ($M) RLDC MARGIN1 & NRM2 (%) 15.3x YoY Source: Company data. 1 Revenue Less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction & Other Costs as a percentage of Total Revenue & Reser
Slide 20: Growing profitability and strong operating leverage
Growing profitability and strong operating leverage TOTAL REVENUE & RESERVE INCOME ADJUSTED OPERATING ADJUSTED EBITDA LESS TOTAL DISTRIBUTION, EXPENSES ($M)2 ($M)3 TRANSACTION & OTHER COSTS Margin (%)4 ($M)1 136% YoY 32% YoY 412% YoY Source: Company data. 1 Q4’24 included the previously disclosed on
Slide 21: FY 2025 Recap & Forward Guidance
FY 2025 Recap & Forward Guidance Q4 / FY 2025 EARNINGS PRESENTATION FEBRUARY 2026 21
Slide 22: Prior FY 2025 Guidance & Results
Prior FY 2025 Guidance & Results Key Indicator Prior Guidance Period Prior Guidance FY 2025 Results Multi-year through USDC in Circulation 40% CAGR 72% YoY cycle Other Revenue FY 2025 $90-100M $110M RLDC Margin1 FY 2025 ~38% 39.4% Adjusted OpEx2, 3 FY 2025 $495-$510M $508M Source: Company data. 1 Re
Slide 23: Guidance
Guidance Key Indicator FY 2025 Results Guidance Period Guidance Multi-year through USDC in Circulation 72% YoY 40% CAGR cycle Other Revenue $110M FY 2026 $150-170M RLDC Margin1 39.4% FY 2026 38-40% Adjusted OpEx $478M3 FY 2026 $570-585M (new definition)2 Source: Company data. 1 Revenue Less Distribu
Slide 24: Appendix
Appendix Q4 / FY 2025 EARNINGS PRESENTATION FEBRUARY 2026 24
Slide 25: Consolidated statement of operations
Consolidated statement of operations Three months ended Year ended December 31, December 31, (in $ millions) 2025 2024 2025 2024 Reserve income $733 $433 $2,637 $1,661 Other revenue 37 2 110 15 Total revenue and reserve income 770 435 2,747 1,676 Distribution and transaction costs 461 304 1,662 1,01
Slide 26: Consolidated balance sheets
Consolidated balance sheets December 31, December 31, (in $ millions) 2025 2024 ASSETS Current assets: Cash and cash equivalents $1,526 $751 Cash and cash equivalents segregated for corporate-held stablecoins 823 294 Cash and cash equivalents segregated for the benefit of stablecoin holders 75,068 43
Slide 27: Consolidated balance sheets (cont'd)
Consolidated balance sheets (cont’d) December 31, December (in $ millions) 2025 31, 2024 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Current liabilities: Deposits from stablecoin holders $74,913 $43,727 Accounts payable and accrued expenses 361 287 Convertible debt,
Slide 28: Consolidated balance sheets (cont'd)
Consolidated balance sheets (cont’d) December December (in $ millions, except share information) 31, 2025 31, 2024 Commitments and contingencies Redeemable convertible preferred stock Redeemable convertible preferred stock (0.0001 par value, nil and 139.8 million shares issued and outstanding as of
Slide 29: Calculation of RLDC margin and NRM
Calculation of RLDC margin and NRM (in $ millions, except RLDC Margin and Net Reserve Margin) Q4‘25 Q3‘25 Q2‘25 Q1‘25 Q4‘24 Reserve Income $733 $711 $634 $558 $433 Other Revenue 37 29 24 21 2 Total Revenue and Reserve Income 770 740 658 579 435 Distribution and Transaction Costs 461 447 406 347 304
Slide 30: Calculation of RLDC margin and NRM
Calculation of RLDC margin and NRM (in $ millions, except RLDC Margin and Net Reserve Margin) FY25 FY24 Reserve Income $2,637 $1,661 Other Revenue 110 15 Total Revenue and Reserve Income 2,747 1,676 Distribution and Transaction Costs 1,662 1,011 Other Costs 2 7 Total Distribution, Transaction and Ot
Slide 31: Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations
Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations (in $ millions) Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Net income (loss) from continuing operations $133 $214 ($482) $65 $4 Less: Net loss attributable to noncontrolling interests (0) – – – – Net income (loss) from continuing o
Slide 32: Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations
Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations (in $ millions) FY25 FY24 Net income (loss) from continuing operations ($70) $157 Less: Net loss attributable to noncontrolling interests (0) – Net income (loss) from continuing operations attributable to common stockh
Slide 33: Reconciliation of Adjusted operating expenses to Operating expenses
Reconciliation of Adjusted operating expenses to Operating expenses (in $ millions) Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Operating expenses $254 $211 $577 $138 $130 Adjusted for: Stock-based compensation expense1 (59) (59) (435) (13) (11) 2 Depreciation and amortization expenses (26) (23) (14) (14) (14) Di
Slide 34: Reconciliation of Adjusted operating expenses to Operating expenses
Reconciliation of Adjusted operating expenses to Operating expenses (in $ millions) FY25 FY24 Operating expenses $1,179 $492 Adjusted for: Stock-based compensation expense1 (566) (50) 2 Depreciation and amortization expenses (77) (51) Digital assets losses (gains)3 (5) 4 4 Charitable contributions t
Slide 35: Guidance: Reconciliation of Adjusted operating expenses to Operating expenses
Guidance: Reconciliation of Adjusted operating expenses to Operating expenses FY'2026 (in $ millions) Low High Operating expenses 929 994 Adjusted for: Stock-based compensation expense 1 (219) (249) 2 Depreciation and amortization expense (108) (118) Digital assets losses (gains) 3 – – Charitable co